Private Investment Firm Acquires Majority Interest in Refrigerated Solutions Group

Orangewood Partners—a private investment firm focused on business services, franchise and multiunit businesses—has acquired a majority interest in Refrigerated Solutions Group, a manufacturer of walk-in coolers, freezers and refrigeration systems.

RSG serves as the foundational investment of THRM, Orangewood’s newly established platform focused on acquiring, building and improving technology in foodservice equipment and services businesses.

Orangewood’s investment thesis for commercial refrigeration was led by Jake Brewer, managing director of portfolio company operations. The thesis focuses on long-term trends including off-premises food preparation, labor shortages, rising operating costs, evolving food safety requirements and rising demand for automation across commercial kitchens, notes the Oct. 28 press release. In developing the thesis, Orangewood drew on its experience owning and operating over 400 quick-service restaurants. Orangewood sourced RSG outside of an auction process, with existing shareholders retaining a meaningful ownership stake to support the company’s next phase of growth, the release adds.

With THRM, Orangewood plans to accelerate organic growth, pursue strategic acquisitions and expand into adjacent products, services and technology solutions.

“We see a real opportunity to build a platform that brings together strong businesses with complementary products and customer relationships.”

“The commercial foodservice equipment industry is a market with a large number of independent operators, and we see a real opportunity to build a platform that brings together strong businesses with complementary products and customer relationships,” says Dave Brewer, founder and chairman of THRM. “RSG gives us an excellent starting point to build from, with outstanding brands, manufacturing expertise and longstanding relationships across the foodservice industry. I’m excited to partner with Orangewood and the RSG team as we invest in the business and pursue opportunities to expand the platform.”

Besides Dave Brewer, other key players involved in the THRM platform include CEO Chris Duffy, former president of Middleby’s Coffee Solutions Group. Further, Chuck Sonsteby, current Board of Directors member at Darden and former CFO of Brinker International, has joined the Board of Directors of THRM.

Aaron Brown will continue to serve as CEO of Refrigerated Solutions Group.